The Debt Management Office (DMO) says Nigeria’s total public debt is now ₦121.67 trillion, which is $91.46bn.
According to the Debt Manager, the country’s domestic and external debts stood at ₦121.67 trillion ($91.46 billion) at March 31, 2024.
Nigeria’s debt surged by ₦24.33 trillion within three months – from ₦97.34 trillion ($108.23 billion) in December 2023 to ₦121.67 trillion ($91.46 billion).
The debt represents external and domestic borrowings by the Federal Government and the 36 state governments and the Federal Capital Territory (FCT).
While total domestic debt was put at ₦65.65trn ($46.29bn), total external debt was ₦56.02trn ($42.12bn).
Total public debt grew from ₦59.12trn last December to ₦65.65trn as of March 2024, DMO said.
The total debt was reduced in dollar terms by $16.77bn or 18.34 per cent, as the increase was driven majorly by naira depreciation. The office used an official exchange rate of ₦1,330/$ to convert external debts to naira from ₦899.39 used to convert the debt in December 2023.
It added that excluding the impact of the naira exchange rate movement in the first quarter of 2024, the domestic debt saw a marked increase to ₦65.65tn on March 31, 2024, from ₦59.12tn on December 31, 2023.
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